FREE 10+ Payment Installment Contract Samples in PDF

Whenever we need to purchase something of high value sometimes it can be difficult to make a one-time payment on our own. For instance, you wish to buy a vehicle and you need to use it already, but are unable to make a full payment right then and there. This is why a number of establishments offer payment installment plans to ease the burden of customers who want to buy a particular product but are not able to pay in full. Installments are quite popular nowadays since its convenient, offer flexibility and more importantly, you get to take home the product you have bought. These contracts are often used by financial institutions such as banks or lending companies. Or for anyone who has a lender-debtor relationship. To know more about this, let us discuss this further below. If you need to start preparing this particular contract, then we’ve got a list of payment installment contract samples that are downloadable for free on this page.

10+ Payment Installment Contract Samples

1. Installment Payment Plan Contract

2. Payment Installment Purchase Contract

3. Payment Plan Redemption Installment Contract

4. University Payment Installment Contract

5. Retail Payment Installment Contract

6. Tuition Installment Payment Plan Contract

7. Tuition Fee Installment Payment Contract

8. Payment Installment Program Contract

9. Equipment Payment Installment Contract

10. Student Payment Installment Contract

11. Standard Payment Installment Contract

What Is a Payment Installment Contract?

When creating a payment plan for your client, it is important to document the agreement between both parties. Which would mean, preparing a payment installment contract or an installment agreement. Such contract could be used on several occasions for example a performance of a service or delivery of goods. Either of the parties involved could execute the installment plan, or both could do it if they wish to. The agreement and terms of the contract will all depend on the circumstance or transaction between both parties. The buyer or lender may opt to receive the goods, and then start paying off what is due afterwards, or the buyer would pay a lump sum for goods that would be delivered over a period of time, that a seller would deliver products but receive payment over a period of time, or that a seller would deliver products over a period of time and receive payment after each delivery. So the main purpose of the payment installment contract is to create a written agreement regarding the payment terms.

How To Create a Payment Installment Contract?

Before creating this contract, it is important the lender has asked for all the necessary documents to ensure that the debtor has the capability to pay back what is due. And providing a contract will serve as a reference in case disputes arise in the future and that both parties are aware of the obligations they have between each other. Now each payment installment contract is slightly different from the rest, considering the main subject of the payment installment would depend on what the lender or buyer has bought or availed of, but it should be able to contain the following details below.

1. Contact Information

Start the contract by writing down the names, addresses, and contact details of the parties involved. This could be between a buyer and a seller or a lender and debtor.

2. Amount Due Per Month

The next portion should indicate how much is balance is owed to the seller or lender. If a downpayment has been made, make sure to indicate how much and when was it paid. If the lender requires an interest for the money borrowed, then make sure to include how much percentage should be added in the monthly installment.

3. Payment Schedule and Details

Indicate the frequency of the payment or the payment schedule in the contract. You need to specify what specific date in the month should the buyer or lender make payment. Don’t forget to add how you wish to be paid and where should deposits be made. If it is your policy to charge for late payment then write down how much your fees are.

4. Terms and Conditions

In this section, you may want to add terms regarding any modification, cancellation, or termination of the contract. Make sure that both parties are in agreement before this can take into effect.

5. Signatures and Date

The contract is considered valid if both parties affix their signature and the date in the contract.

FAQs

Paying in installment is another alternative that would ease the burden of one-time or full payments. This would give borrowers time to save money and pay what is due. To make sure that the parties understand and agree to the terms a payment installment contract is executed. To make it easier for you to prepare one, don’t forget to download our free templates above!